I’ve been working full time on Bitcoin related products for the last 2 years and every day I’m more fascinated by things I figure out, however some of them are mostly speculation and not really facts for now.
On November 12th, 2015 between 17:17 to 19:17 EST this spike happened deep in bitcoin network, The things I get from seeing these graphs are as follows (from bottom-up):
priority = sum(input_value_in_base_units * input_age)/size_in_bytes
Ok let’s see if we can find something:
There are some almost full blocks on that time period, but it’s not anything weird these days.
While just going through the transactions, I saw some pattern like transactions such as 16~25 inputs and 20~21 outputs (e.g, abdc70074bbcf4c32bff29b0e5d6beebc062e6fabbac837fa489fa088aa7ebe9)
and with the help of blockseer, I saw that there’s definitely a pattern going on there.
Not sure if it’s related or not, after traversing up this weird intertwined tree, I got one address labeled as NUCLEUS MARKET.
let’s continue in the blocks. yup more and more of these transactions and most of them with high amounts of Bitcoin. Some examples:
Most of them have 21 outputs, some 20. These transactions most probably are a generated by a tumblr, bitcoin laundering service or maybe just some automated scripts.
Some examples of their transaction size vs transaction fee:
40000 / 2.9 Kb (2941 Byte) = 13333 satoshi/Kb
50000 / 3.5 Kb (3528 Byte) = 14285 Satoshi/Kb
So these are exactly the transactions that made the dump in Transaction Fees (satoshis) Paid per Kilobyte graph.
There is not even one transaction which follow the 21-output transaction characteristics (yeah I went through 2632 transactions manually to be sure!)
There are some huge P2SH transactions though: 3e3d5817092b91c88cab80fb9e142a0ef46728090414c088c1f610d0d4792480, 7709609eb5ea042cc4e60e260a11e51bfb8c5f1fda037a94155634ad90400325
and also 87 inputs to 2 outputs: 639deafdcb68bd314765fa4580cad83b397eb7d30c3cb033ce74b0874afd3f19
and a lot more big transactions that is coming from BTCChina (don’t ask how I know, I just figured that out and I’m pretty sure.) AntPool and BTCChina, Eh? probably a deal to include their transactions.
My guess is that there would be no 21-output like transactions. let’s see…
and another one: 40162707f99cc0f1dc4f35c9dc372a9df5c7bc0677ec68acc708bac8434fde68
one more, my guess was totally wrong: 96219ae83845e43e87778e22e58f21d84e9385a023abe2500dc921ee7e843829
Another huge 28-inputs, 3-outputs P2SH transactions: 83a3b1b5f9433dad608a3cde601bf43cea8985cc229982c5f80fc0126adf053f
By experience I’d say this P2SH transaction was generated by BitGo, and probably is for an exchange that is using them as their Multisig HD wallet.
Here is a localbitcoins transaction in that block: 21635217b344560004b96f79e5c2939fefb114c69132cf21a3b2840432402158
There seems to be not that many of 21-output like transactions, I’m gonna stop checking this block and go to next ones, cause it seems like AntPool has its own partners. but this would make my initial assumptions weaker I guess.
12~13-inputs 501-outputs FAUCETBOX.COM transactions: 5a43e3fd6b4e9c16df9a80891961101c6b9e2f230ce1da5b323faf5f81e60fc7, e1a2ca799d27409e88256aee65c072ae4deaa24a84a96303611cd4391b85d79d
There are a lot more of these faucetbox transactions, mostly have 500+ outputs, and apparently Faucetbox and bitfury have a deal, just by checking the fees that are really low.
83519 / 18.7 = 4466 Satoshi/Kb
80580 / 17.9 = 4501 Satoshi/Kb
Note: by Bitcoinfees estimation, if transaction has 5000 Satoshi/Kb it would take more than 60 minutes to confirm.
21-output transactions yeeey:
nope I guess that was all. whoever is behind 21-output like transactions is, has a deal with the miner that was named Unknown. So I guess I ended up empty handed on that subject.
Some huge transactions (500+inputs) with medium to low fees, that are most probably in contract with Bitfury to get confirmed, not sure about the identity though:
So My plan when I started writing this post was to figure out why that jump happened on the graphs, but somehow ended up just figuring out some random stuff about each block and miner/”company” relationship.
I haven’t slept in the last 48 hours, so feel free to call out my bullshit anywhere here.
would be happy to discuss any of the assumptions and hear yours.